Monday 31 January 2022

Expertise of innovative projects

INTRODUCTION


Despite the fact that in world practice there are many scientific approaches to determining the effectiveness of innovative projects, almost all of them allow you to assess the effectiveness of the project only after its implementation. In addition, most methods involve the processing of a large amount of information and analytical material, which in the conditions of an unpredictable market for a new product is almost impossible to collect. 

 

Therefore, many issues of a theoretical and methodological nature relating to the comprehensive study of the problems of management and assessment of the innovative activity of the enterprise require in-depth study.

Thus, the topic in which the directions and methods of economic evaluation of innovative activities and innovative solutions of legal entities are considered becomes relevant.

Object of work: innovative projects and programs.

The object of the study is the theoretical basis for the examination of innovative projects.

The purpose of the work: Collection and systematization of data on the examination of an innovative project and its effectiveness.


According to the purpose of the work, there were certain tasks such as:


1. clarify information about the nature of innovative projects;
2. systematize and substantiate the data on the examination;
3. to investigate methods for assessing the effectiveness of innovation processes;
4. to conduct an examination of the innovative project  (to assess the effectiveness of the project)

CHAPTER 1. THEORETICAL PART


1.1 The concept of "innovative project"

The concept of "innovative project" is considered in three aspects:

1) as a form of targeted management of innovation activity;
2) as a process of innovation;
3) as a set of documents.

In the light of the first aspect, an innovative project is a system of interrelated activities in terms of resources, timing and executors aimed at achieving specific goals in priority areas of science and technology development, while in the light of the second it is a set of scientific, technological, organizational, production, financial and commercial measures carried out in a certain sequence that lead to innovations. At the same time, of course, an innovative project is a set of technical, organizational, planning, accounting and financial documentation necessary to achieve the goals of the project.


Taking into account all three aspects, an innovative project can be defined as a set of documents defining a system of scientifically based goals and measures to solve the problem, the organization of innovation processes in space and time. The validity of goals and activities is achieved through compliance with scientific approaches to management. investment innovation across industry


The development and subsequent implementation of an innovative project is managed by the project manager (project manager) and the scientific and technical council (NTS), which includes leading specialists in the thematic areas of the project, responsible for the selection of scientific and technical solutions, the degree of their implementation, the completeness and complexity of the activities necessary to achieve the project goals. The NTS organizes a competitive selection of translators and verification of the results obtained.


A project manager is a legal entity to which the customer delegates the authority to manage the work on the project: planning, control and coordination of the work of the project participants. The specific scope of the project manager's powers is determined by the contract with the customer. A project team is an organizational structure headed by a project manager and created for the duration of the project to achieve goals in a timely manner.

 

Its composition and functions depend on the size, complexity and other characteristics of the project. To perform some functions, the developer may involve specialized organizations. The project is supported by innovation centers, program support funds, consulting modules, independent expert organizations, patent and licensing firms, audit firms and exhibition centers.

1.2 Tasks, methods, principles of expertise


innovative project expertise

The task of the examination is to assess the scientific and technical level of the project, the possibility of implementation and its effectiveness. Based on skills, decisions are made on the appropriateness and amount of funding.

There are three main methods of examination of innovative projects:

1. Descriptive method - widespread in many countries.


Its essence lies in the fact that the possible impact of the results of ongoing projects on the situation in a particular market of goods and services is taken into account. The results obtained are summarized, predictions are made and side processes are taken into account. The main disadvantage of this method is that it does not allow you to correctly compare two or more alternatives.

2. The method of comparing the provisions "before" and "after" 

allows you to take into account not only quantitative, but also qualitative indicators of various projects. However, this method is characterized by a high probability of subjective interpretation of information and forecasts.

3. Comparative expertise consists 

in comparing the situation of enterprises and organizations that receive state funding and do not receive it. This methodology draws attention to the comparability of the potential results of the current project, which is one of the requirements for verifying the economic feasibility of specific financial decisions for short-term projects and projects with a quick payback.

Principles of expertise


You can be guided by the following principles of expertise:

1) the presence of an independent group of researchers acting as arbitrators in disputable situations based on the results of the examination;
2) when calculating the added value, consider activities in the field of research and innovation as production;
3) conduct preliminary forecasting and cost planning for the medium term in order to be able to determine the estimated effectiveness and time for control;
4) link the methods of control with the prospects for the development of the system of management of scientific and technological policy at the state level.

1.3 Organizational structures carrying out the examination of projects


Expertise of projects in the field of humanities and social sciences is carried out by the USn Humanities Science Foundation (RFHF) and the USn Foundation for Basic Research (RFBR).

the expert assessment is made in the form of answers to the questions of the expert questionnaire and involves the final conclusion of the expert on the 5-point evaluation system.


Expert assessment is given on the basis of an analysis of the scientific content of the project and the scientific potential of the author (or the author's team).



When analyzing the scientific content of the project, the following are taken into account:

1) clarity of the presentation of the project concept (clear, fuzzy);
2) clarity of definition of the purpose and methods of research (clearly, unclearly);
3) qualitative characteristics of the project;
4) scientific groundwork;
5) the novelty of the problem statement.


The scientific potential of the author's team is evaluated taking into account the analysis of the scientific content of the project (the author / participants are able to perform the declared work; the expert doubts the possibility of performing the declared work).


Therefore, the expert should not only give a description of the project, but also assess its relevance for this branch of knowledge, as well as justify the evaluation of the project using the above system.


RfBR conducts an examination based on a comparative analysis of various projects. Three levels of expertise are envisaged.



The first level is a preliminary review of the project and the solution of the following tasks:

  • selection of projects for participation in the second level of expertise;
  • preparation of reasoned conclusions on rejected projects;
  • identification of experts for each project that has passed to the individual level of expertise.
  • Formalization of the results of the examination is carried out on a rating basis.


The evaluation of an individual project is established at the second level of competence.

At the third level, a conclusion is given on the project (adjustments can be made to the overall rating of the project, decisions on financing are made).

The individual rating of the project is calculated by the formula:

R = r 1 + r2 + r3

where is

R — the overall rating of the project;

r 1 – takes into account the scientific value of the project;

r 2 – takes into account the reality of the project on time;

r 3 – adjusts the total estimate of r1 and r2 .


R can take values from 2 to 13.

r 1 ass

esses the likelihood that the implementation of the project may lead to new fundamental results; to ensure significant progress in this direction; influence progress in a given or related scientific field.


r 2 takes into account the scientific level of the leader and the potential of the team headed by him; scientific background and publications on the topic; information, laboratory and material support of the project; correctness of the distribution of the task by stages, results and terms of work.


For example, in r 1 a score of "2" can mean "sufficient usefulness of the project", a score of "5" - a request for an outstanding result.


The expert draws up a questionnaire in which the relevant assessments are substantiated.


Competitions of economic research in US are held by the Consortium of Economic Research and Education, established in


The Pew Charitable Trusts is an American charitable organization that provides financial support in the form of grants.


The purpose of the Consortium is to unite the efforts of the founding organizations to develop the research potential in the field of economics by creating an infrastructure for conducting research work.


Projects are financed in the form of individual grants to USn economists in order to:

  • support and dissemination of new scientific methods and ideas;
  • encouraging applied research related to solving the problems of the economy in transition;
  • development of research potential by creating conditions for the scientific work of young specialists;
  • assistance in strengthening ties within the scientific economic community in US;
  • creating conditions for the inclusion of USn researchers in the global economic community.
  • Experience should guarantee the choice of a high-quality innovative project. Innovative projects presented to investors should be comparable and analyzed using a single scorecard. This means that the information base, accuracy and methods for determining costs and physical indicators for the options must be comparable.


1.4 Procedure for the examination of innovative projects examination of an innovative project


Examination of innovative projects is a procedure for due diligence and control of their most important parameters: the quality of the system of regulatory, methodological, design and other documents that are part of the project and the innovation management system; professionalism of the project manager and his team; scientific and technical potential and competitiveness of the innovative organization; reliability of the calculations performed, the degree of risk and efficiency of the project; the quality of the mechanism for the development and implementation of the project, the possibility of achieving the set goals.

To successfully pass a project exam, it must contain the following information:

The executors of the innovation project are the subjects of innovation activity, which can be any individual and legal entity engaged in innovative activities. The actors promoting innovation should be identified:

1) investors financing innovative projects;
2) organizations of innovation infrastructure that contribute to the implementation of innovation activities;
3) state authorities and local self-government bodies involved in the regulation of innovation activity.

Indication of one or more objects of innovation activity is mandatory. The main common feature of the object of innovation activity is its development based on the implementation of the results of scientific and technical results. For example, the objects of innovation may be:

1) new technologies;
2) new processes in various spheres of human activity, ensuring socio-economic and environmental effects from their implementation;
3) new and significantly improved products (goods, works, services) of various kinds. it is necessary to indicate the form of implementation of innovative activity, but the interested party makes its choice independently.

The legal part of the examination also implies the study of the legal protection of the project in terms of the availability of appropriate protective titles, licenses, permits.

The technical and economic part of the project examination includes:

  • examination of the characteristics (indicators) of the investment object and the conditions for its implementation;
  • a brief description of the initial data of the project;
  • technical, economic and other indicators of the project;
  • assessment of the expected economic effect of the project (with quantitative assessment);
  • general conclusions on the feasibility of investing in the project;
  • recommendations, comments and suggestions for additional elaboration of individual sections of the project;
  • verification of initial data;
  • verification of completeness and correctness of economic calculations;
  • assessment of the profitability of the project;
  • risk assessment during the implementation of the project.

With a multi factorial analysis of an innovative project, in addition to assessing its financial indicators, on the basis of a standard set of financial ratios (in dynamics for several calculation periods), a forecast is made about the possibility of implementing the project according to the most likely scenarios. Before conducting an examination of calculations, specialists verify the initial data (i.e. check their reliability).

Verification methods are divided into direct and indirect. Direct methods involve comparing the data included in the calculations with real figures (mainly this applies to the price environment).

Indirect are based on a comparison of the proposed project with analogues.

When analyzing profitability, the validity, correctness and completeness of calculations are checked, while it is necessary to pay attention to the following factors:

the availability of cash flow calculations for financial planning, determining the economic efficiency of the project and the duration of the project as a whole;


completeness of cost calculations;


accounting of taxes and fees (the main focus is on VAT accounting and income tax benefits);
accounting for projected risks (changes in the structure of the market, obvious price changes, etc.);
legal security of the project (availability of relevant protection documents, licenses, permits, etc.);
the degree of confirmation of information by documents.


To analyze the profitability of the project, a financial report is prepared and an internal rate of return is calculated, after which various forms of financing are calculated and the optimal one is selected. If necessary, the relevant calculations are adjusted and supplemented taking into account the chosen form of financing.


When conducting a risk analysis, in addition to identifying possible risk events, their impact on the implementation of the project and methods of reducing risks, it is necessary to evaluate the fee for minimizing risks and correlate it with the danger of risk events. risk. Adjustment of cash flows should be made taking into account possible scenarios of risk events, the necessary cash reserve and risk insurance of both the project and the investor.



The expert opinion should contain:

  • a brief description of the initial data, project conditions, as well as technical, economic and other indicators of the project;
  • the expected effect of the project (quantified);
  • general conclusions on the feasibility of investing in the project, recommendations, comments and proposals for additional study of individual sections of the project.


High-quality preparation and comprehensive competence of an innovative project are necessary not only for the full implementation of new technologies, to achieve the maximum economic effect, but also to support the project at the first stage - when it is considered by the investor or receives a subsidy from the budget.



Evaluation of any innovative processes and objects includes several stages:

  • the goal-setting stage at which it is necessary to form and justify the task of the examination, determine its specific features, highlight the indicators of expertization, choose the type of examination and evaluation criteria;
  • the design stage at which the project of expertization in the broadest sense is created (How? Who? When? Where? Why?);
  • the statistical stage, at which information about the object of expertise and its environment is collected, the data obtained are systematized and further evaluated;
  • the evaluation stage, at which decisions on the object in question are made and discussed and an expert opinion is made.


The examination procedure, depending on the subject, can be carried out in different forms: individual exam, collective exam, comprehensive exam.

An individual exam can be conducted by one specialist in a certain content in accordance with already existing standards or specially developed criteria.


Collective expertise involves a collective assessment of innovative products by a group of professionals, when a joint discussion and assessment of controversial or doubtful components of the object under study is required.


A comprehensive exam is an interdisciplinary or multidisciplinary exam when an innovative product is developed at the intersection of various sciences and requires a competent assessment of specialists in various fields.


Examination of an innovative project is possible only with the consent of the authors of the innovative project. Consent is expressed in a special application, which is sent to the competition of innovative projects.



The application is made in accordance with the requirements that are presented by competitions (reviews) of innovative projects.



Depending on the stage (round) of the competition, a more detailed study of the innovative project may be required, that is, development at the experimental stage. In the application, the author (school) can nominate experts who are able to consider and evaluate the submitted project at a high professional level.


When conducting an examination of innovative projects, it is necessary to take into account that the content, forms, methods and procedure of examination are based on the following principles:

  • openness and publicity of expert actions and decisions;
  • public-state and professional nature of the examination;
  • focus of expert actions, opinions and judgments on the further promotion and development of innovative practices and experiments;
  • initiative of the authors in submitting an application, determining the range of issues and problems submitted for examination.

The procedure for conducting an examination can be represented by the following sequence:

  • registration of an application for expert activity;
  • selection and coordination of the expert group;
  • coordination of the timing of the examination;


conducting an examination and preparing an expert opinion on the following points:


  • 1. compliance of the declared theme of the innovative project with the goals outlined in it and the work begun;
  • 2. reflection in the project of the level of elaboration of methods, forms and their compliance with the set goals;
  • 3. social and cultural significance of innovation;
  • 4. analysis of the potential of the team for further work;
  • 5. identification of possible consequences of the implementation of innovation in practice.


Understanding competencies as a result of live human interaction requires serious psychological knowledge and creates an additional psychological burden on a specialist in the process of developing innovative design competence.

1.5 Effectiveness of an innovative project.


This methodology provides the following main indicators of the effectiveness of innovative projects:


1) commercial (financial) efficiency, taking into account the financial consequences of the project for the direct participants;
2) budget efficiency, reflecting the consequences of the project for the federal, regional and local budgets;
3) national economic efficiency, taking into account the costs and results associated with the implementation of the project, going beyond the direct financial interests of the participants in the investment project and allowing cost measurement (recommended for large-scale projects at the level of the city, region or US).


1 . Commercial efficiency (financial justification) of the project is determined by the ratio of financial costs and results that provide the required rate of return. Commercial efficiency can be calculated both for the project as a whole and for individual participants, taking into account their contributions according to the rules. At the same time, the effect on the t-th step (Et) is the flow of real money (cash flow).

Within each activity, there is an inflow of Pi(t) and an outflow of Oi(t) of cash. The difference between them is denoted by Fi(t):

Fi(t)=Pi(t)-Оi(t),

where i = 1, 2, 3.

Real money flow F(t) refers to the difference between the inflow and outflow of cash from investment and operating activities in each period of the project (at each step of the calculation):

F(t) = [ P 1 (t)-O1 (t)] + [P2 (t)-O2 (t)] = F1 (t)+F2 (t)

budget effect

Bt = Dt — Hg.

Integral budget effect Bt
Eint = NHD = ,

where NPV is net discounted income;

B — income (results) achieved at the t-th step of the calculation;
C — costs incurred at the same step;
T is the calculation horizon (time period).
If the NPV > 0, then the project is effective, if the NPV < 0, then the investor will incur losses.


3. The indicator of scientific and economic efficiency reflects the effectiveness of the project from the point of view of the interests of the national economy as a whole, as well as for the regions (subjects of the federation) participating in the project, industries, organizations. When calculating indicators of economic efficiency at the level of the national economy, the results of the project include (in value terms):

1) final production results (revenue from sales in the domestic and foreign markets, proceeds from the sale of property and intellectual property - licenses, "know-how", computer programs created by participants during the implementation of the project);
2) social and environmental results - the impact of the project on public health, social and environmental situation in the regions;
3) direct financial results;
4) credits and loans of foreign states, banks and firms, proceeds from import duties, etc.


When calculating indicators

1) production results;
2) revenue from the sale of manufactured products minus those spent on own needs;
3) social results in part; relating to employees of the organization and members of their families.

In this case, only one-time and current costs of the company without a repeated account are included in the composition of costs (in particular, simultaneous accounting of one-time costs for the creation of fixed assets and current costs for their depreciation is not allowed).

(discounting)

Technically, it is convenient to bring to the base point in time the costs, results and effects occurring at the t-th step of calculating the implementation of the project by multiplying them (i.e. costs, results, effects) by multiplying them by the discount coefficient defined for the constant discount rate E as:

L t = l/(1+E)t ,

where L t — the given indicator;

l is the same indicator at step t of the project;
E — discount rate (rate of return on capital);
t — calculation step number ( t=1,2,3,... T );
T — calculation horizon equal to the number of the calculation step at which the liquidation of the object is carried out (duration of the depreciation period, life cycle of the goods), etc.

1.6 Methods of choosing an innovative project for implementation


Comparison of different investment projects (or project options) and the choice of the best of them is recommended using various indicators:

1) net discounted income (integral effect, net present value);
2) profitability index;
3) internal rate of return;
4) payback period;
5) a list of criteria and their ranking;
6) point method;


When using indicators to compare different investment projects, they should be brought into a comparable form.


NPV, integral effect, net present value

It characterizes the overall absolute result of the investment project. It is defined as the difference between the present value of the future revenue stream (W) and the current present value of future costs for the implementation and operation of the project (Ct) during the entire cycle of its life:

NPV, NHD, E int.= ,

where Bt and Ct are the income and costs of the project in the t-th year;


E — discount rate (discount rate);
T is the number of years of the project's life.
If the NPV is positive at a given discount rate, it can be accepted, i.e. effective. The more NPV, the more effective the project. If the NPV < 0, then the project is ineffective.


In practice, a modified formula for determining NPV (NPV) is often used.


To do this, capital investments are excluded from the composition of Ct (that is, costs) and denoted through Kt - capital investments at the t-th step [K - the amount of discounted capital investments]:

K= ,

Then

NPV, NHD =


and express the difference between the sum of the effects shown and the amount of capital investment reduced to the same time.



The index of profitability (ID) is the ratio of the sum of the reduced effects to the value of the given capital investments:


If the PDD is positive, then the ID > 1 and vice versa. If the ID > 1, then the project is effective, if the ID < 1, then it is ineffective.


Internal rate of return (GNI):



This is a very important (after NDA) indicator. GNI (payback) is the calculated interest rate at which the resulting effect (income) from the project becomes equal to the cost of the project, that is, it can be defined as an estimated interest rate at which the net present value is 0 (or when the value of the quoted income is equal to the amount of the capital investments indicated - this is in the case when we have not included the costs in the capital investments).



This can be described in another way: it is the maximum interest that can be paid to mobilize the capital investment of the project.



The calculation of GNI is made only on a computer with a special program. Under normal conditions, the internal rate of return can be determined by a series of attempts in which NPV or NPV are calculated at different discount rates.



For example: PDD > 1 at E = 10% and negative at E = 20%, that is, the IRR lies between 10 and 20%. Let's make another attempt: the NPV >1 at 15%, that is, the GNI lies between 15 and 20%. The following attempts limit the range and possibly the discount rate at which NPV = 0. This method of calculation is called the iteration method.



The payback period is the minimum time interval (from the beginning of the project), beyond which the integral effect becomes and remains positive in the future. In other words, this is the period (measured in months, quarters, years) from which the initial investment and other costs associated with the investment project are covered by the total results of its implementation.



The results and costs associated with the implementation of the project can be calculated with or without a discount. The result is two different depreciation periods, but it is recommended to determine them using discounts.


2.1 Description of the project


After we have dealt with the theoretical part, we will conduct an examination of the innovative, which is located in the city of Krasnoyarsk, in an analytical way (the most suitable), thereby determining the effectiveness of this project. The project involves the production and sale of "Water treatment and treatment facilities without reagents and without cartridges".



A project is proposed to create a company for the production of drinking water treatment facilities "EcoZdrav", environmental energy-saving installations with different capacities for drinking water purification. At the moment, there are no direct analogues to these installations.



The scope of application of these water treatment plants is the installations designed for continuous purification of natural, underground, technological water: wastewater treatment of motor transport enterprises, wastewater treatment from ships of the "River - Sea" class, galvanic production workshops, industrial enterprises, public catering enterprises, in the food industry and other industries.

Primary market research has shown that the need for such installations is very high, for example, only in Krasnoyarsk it is 25,000 pieces (in Krasnoyarsk there are about 1,000,000 people, about 250,000 families, even 10% of buyers are 25,000 pieces).

Based on these data, the planned production of units in the amount of 10,000 units per year is fully justified.



In accordance with the proposed investment project, it is planned to install and put into operation a workshop for the production of water purification plants with a design capacity of 1200 pcs. per year, which will partially meet the needs for these installations within the region, with subsequent access to other regions of US and for export.



Analysis of the sales market showed that taking into account risk factors (non-payments, inflation), the average annual sales volume of the units will be 1200 pcs. financial calculations of the project were made from April 1, 2010. to April 1, 2014 After all calculations, the cost of the required amount of investment in the project amounted to 2000 thousand Dollars, of which 1812 thousand will be borrowed capital for a period of 26 months at a rate of 28%.

This project is considered a continuation of the work already begun to create in Krasnoyarsk a modern high-quality serial production of domestic water treatment facilities series. Based on the state of affairs in the industry and the needs of the market, we propose for consideration the following list of risks and the probability of their occurrence, assessed by three expert groups on the following assessment system:

0 – the risk is considered insignificant
25 – risk is most likely not realized
50 – nothing definite can be said about the occurrence of the event
75 – risk is likely to appear
100 – the risk is certainly realized

The experts were:

Group 1 — Student Business Club of SibFU
Group 2 – Small Business Support Center at SibFU,
Group 3 — Administration of Krasnoyarsk



Measures to prevent the occurrence of risks



1.Peri-orientation of public consciousness from a neutral attitude to a positive filter
2.The administrations of the city and the region consider it inexpedient to have this production 3.Suppliers are insolvent partners


Stage risks

The project does not imply a capitol. construction. Placement of the company on rented areas.

All risks associated with this disappear

Financial and economic risks


1.The emergence of competitors with goods of the same quality and lower price.
2.Cost reduction due to mass production
3.Conclusion of long-term contracts, creation of necessary stocks of raw materials and materials.
4.Accident, destruction of equipment.
5.Inflation



Technical risks

1. Novelty of technology

Social risks

1.Workers' strike
2.Reduction of overhead cost

3. Poaching of leading specialists by competitors



Show more
Now let's proceed to the direct analysis of the effectiveness of this project.

2.2 Calculation of project performance indicators


Let's find net quoted income (NPV).

As a discount factor, let's take the sum of the weighted average cost of capital (WACC) and the rate of price growth. WACC is calculated by the formula:

where E is the amount of equity, D is the amount of borrowed capital, K is the amount of all invested capital, y is the expected return on equity, b is the required or expected return on borrowed capital, t is the income tax rate for the company.

For this company, the weighted average cost of capital ratio will be

=0.270624

As the value of expected inflation, let's take the value of this indicator for the last year. According to Rosstat, inflation in 2011 was 7%.

Thus, the discount multiplier will be 0.340624.

According to the plan, the volume of profit by year will amount to 448,060 Dollars. in the first year 3229925 Dollars. in the second year and 3919425 Dollars. in the third.

We will calculate the main indicators required to assess the effectiveness of the project.

1)Net earned income for the first three years (NPV)


NPV 1 =

NPV 2 =

2) Return on Investment (PI) Index


PI = ( = = 1.0656

3) Internal Rate of Return (IRR)


Using the linear interpolation formula, we will find the IRR value for this project.

IRR =

As the value of the cost of capital r 1, let's take 20%.

Then

IRR = 0.3

i.e. the IRR value is higher than the value of the cost of capital, therefore, the implementation of the project is expedient.

4) Discounted Payback Period (DPP)


DPP is calculated by the formula


2.3 Multi-factor risk assessment of an innovative project


We will conduct a multifactorial risk assessment of an innovative project. Let's assign a weight coefficient to each risk group. We get: strategic risks — 0.2; financial and economic risks — 0.2; technical risks — 0.4; social risks — 0.2. Let's sum up, with the appropriate weight, for all risk groups of probability and get the probability of failure of the project.


P NPCS =%

the probability of failure of the project.


Let's find the sum of the total costs listed. It is equal to the sum of the cost and investment multiplied by the standard of efficiency of capital investments. Under the terms of the project, the cost price is 28,070 Dollars. per month.


Now let's find the residual value ratio of assets. It is equal to the ratio of the value of assets less depreciation to the original cost of assets. Under the terms of the project, the initial total value of assets is 1314700 Dollars. depreciation for the entire period amounted to 302770 Dollars.


Let's move on to the calculation of the indicator K p, it is calculated by the formula:

Let's find this indicator for this project.


Thus, investments in this project for the invested 1 Dollar. costs will bring a possible income of 23.3 Dollars. based on this, we can conclude that this project is sufficiently effective.



CONCLUSION



I have done work on systematizing knowledge regarding the expert evaluation of innovative projects and their effectiveness, as a result of which I came to the conclusion that during the examination of innovative projects, the "description" method was most widely used. As for the definition of efficiency, first of all, experts focus on the payback of the project and the risks that are at the forefront throughout the life cycle of the innovation. 

 

I also clarified the information about innovative projects, as a result of which I concluded that these projects are attractive for various types of investors, since the case of successful implementation of the idea guarantees the investor a high level of profit that covers tens or even hundreds of times the level of invested funds.


In the practical part of the work, an act of expertise of the innovative enterprise was carried out. For the reasons stated earlier, I chose a "descriptive" method of examination, as a result of which, by means of determining the effectiveness of this project, a conclusion was made about the profitability of this project. The decisive factor was its payback, despite the significant risk.


As a result of the coursework, all the tasks set in the introduction were fulfilled, and the goal was achieved.

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